Solana (SOL) is trading around the $88–$90 range as of March 13, 2026, marking a nearly 10% gain over the past week. The price action has been contained within a descending channel, fluctuating between roughly $77 and $92 for several weeks. A key technical development is a pronounced squeeze in the Bollinger Bands on the daily chart, indicating a period of exceptionally low volatility that often precedes a significant price movement.
Analyst Ali Martinez highlighted this setup, noting the bands contracted around the $86.4 level. "This kind of squeeze often comes before a stronger price move," though the direction remains unconfirmed. The immediate technical structure points to $95 as a critical resistance level, formed by the intersection of a descending trendline and previous horizontal resistance. A sustained close above $95 could shift the broader trend from bearish to bullish, opening a path toward the $98–$100 range, with $102 as a subsequent target. Conversely, failure to hold above $88 could see a retest of support at $87.40, with a break below $85 potentially leading back to the $77 channel low.
Supporting the bullish case is growing institutional interest. Spot Solana ETFs recorded $3.92 million in net inflows on Thursday, March 12, marking the fifth consecutive week of positive flows since February 13. Cumulative net inflows for SOL ETFs have reached $957.2 million, with approximately 1.6% of Solana's total market capitalization now held in these regulated vehicles. Data from SoSoValue shows Bitwise's BSOL ETF led recent inflows with over $3.15 million on March 11, while Grayscale's GSOL saw outflows of $1.49 million.
Derivatives data further reflects bullish sentiment. Funding rates flipped positive to 0.0079%, and the long-to-short ratio for SOL hit 1.07, its highest level in over a month, indicating more traders are betting on a price increase. The daily RSI has climbed above 50, showing improving momentum, and the MACD remains in positive territory.
Adding to the technical narrative, Elliott Wave analysis from More Crypto Online suggests Solana may be completing a corrective phase and could be on the cusp of a new impulsive upward wave, with potential targets as high as $145 based on prior predictions.
